Pricing

How Not to Discount: Part III

Don't discount only your lowest-priced inventory.Today’s example of how not to discount is slightly counterintuitive because it’s easy to associate “discount” with “low price.”The mistake I’m talking about is only discounting the lowest-priced inventory in your venue. This happens because some marketers are conflating two different things: a low price and a discount from face value. They aren’t the same thing, and they function psychologically to the consumer in very different ways.A tier of seats that is inexpensive has...

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Experience

Santa Monica Pier Can Host More Than Live Music

Can the Santa Monica Pier become a great concert venue?Yes, it can. This harkens to the issue we discussed recently. Of course, changing the location of the show can make a big impact on success, and there's just not a cooler place than the Santa Monica Pier.Here's my one quibble: Why does Martin Fleischmann say, "What we're trying to do is create a destination for locals on the pier," and then talk solely about how "people here need a place...

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P&L

The Importance of Reaping Revenue From the ‘Other’ Category

In contrast to the gloomier news in other spots in the symphonic world, the Chicago Symphony Orchestra has reported increases in revenue from both tickets and donations and a much, much smaller operating deficit.In fact, this year's ticket sales record of just over $22 million surpassed last year's sales, which were also a record. Very interestingly, to me, about $10 mm in revenue came from what I'd call the "Other" category, which included "tour fees, merchandise sales, space rentals,...

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Experience

The Mega Rock Star Model Is Old, Let’s Find A New One

The Who 'Going Mobile' For the Last Time?Congratulations to The Who for 50 years, and even though their 1982 tour was known as their "Farewell Tour," they've continued since then for 10 years longer than they'd been together at that point.Hey, I'm a fan of the band, and all, but classic rock of this kind has hung on too long to be healthy for the business. I won't say this tour will be unsuccessful, because I don't know, but...

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Pricing

Price Has Nothing to Do With Costs

When I talk about this, people look at me puzzled. A couple years ago, Michael Kaiser, smart guy and Big Chief of the Kennedy Center, wrote an article on Huffington Post that gives me a starting point for what I want you to understand about prices:“The central challenge facing arts managers is to fill the ever-widening gap between rapidly increasing expenses and earned income, primarily from ticket sales. This gap continues to grow each year since the number of seats...

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